PAX

MKT CAP:$2B

Patria Investments Limited

Market Cap

$2B

Financial Services·Asset Management·🇰🇾 Cayman Islands·NASDAQ

Financials·Asset Management·🇰🇾·NASDAQ

Stock Price

$13.09-$2.83 (-17.78%)

Apr 24, 2026

Company Details

Patria Investments Limited operates as a private market investment firm focused on investing in Latin America. The company offers asset management services to investors focusing on private equity funds, infrastructure development funds, co-...

CEO

Alexandre Teixeira de Assumpcao Saigh

IPO Date

Jan 22, 2021

Website

www.patria.com

Key Metrics TTM

Revenue

$461M

+64.5% YoY

Net Income

$125M

EPS (Diluted)

$0.82

Free Cash Flow

$161M

Revenue / Share

$2.92

Gross Margin

88.1%

Operating Margin

41.2%

Net Margin

27.2%

FCF Margin

35.0%

P/S

4.5x

P/E

16.6x

Earnings Reports

Q1 2026

May 1, 2026

PENDING

FY 2025

Dec 31, 2025

$384MEPS $0.54

Q4 2025

Feb 3, 2026

$134M-14.5%EPS $0.22

Q3 2025

Nov 4, 2025

$86M+10.8%EPS $0.15

Q2 2025

Jul 31, 2025

$83MEPS $0.08

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 20	$33M	$23M	$20M
Q2 21	$119M	$76M	$72M
Q3 21	$40M	$24M	$21M
Q4 21	$46M	$30M	$25M
Q1 22	$55M	$47M	$26M
Q2 22	$56M	$47M	$25M
Q4 22	$91M	$138M	$68M
Q3 24	$78M	$64M	$28M
Q4 24	$157M	$144M	$80M
Q2 25	$83M	$68M	$30M
Q3 25	$86M	$72M	$30M
Q4 25	$134M	$122M	$49M

Valuation

Quarter	P/S	P/E
Q3 20	—	—
Q2 21	—	—
Q3 21	—	—
Q4 21	8.7x	16.2x
Q1 22	8.0x	16.5x
Q2 22	10.6x	30.2x
Q4 22	8.4x	22.2x
Q3 24	7.4x	25.6x
Q4 24	5.4x	17.6x
Q2 25	5.1x	18.1x
Q3 25	5.1x	22.9x
Q4 25	4.5x	16.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 20	$41M	$41M
Q2 21	-$3M	-$3M
Q3 21	$48M	$47M
Q4 21	$28M	$27M
Q1 22	$26M	$25M
Q2 22	$8M	$5M
Q4 22	-$9M	-$6M
Q3 24	$68M	$68M
Q4 24	$26M	$23M
Q2 25	$77M	$74M
Q3 25	$66M	$64M
Q4 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q3 20	$24.0K
Q2 21	$56.0K
Q3 21	$845.0K
Q4 21	$1M
Q1 22	$1M
Q2 22	$3M
Q4 22	$3M
Q3 24	$98.0K
Q4 24	$3M
Q2 25	$2M
Q3 25	$2M
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+65.9%	+124.8%
Q2 22	-53.3%	-35.8%
Q4 22	+130.0%	+28.1%
Q3 24	+68.9%	+132.2%
Q4 24	+186.0%	+168.1%
Q2 25	+48.4%	+73.7%
Q3 25	-5.3%	+140.1%
Q4 25	+72.2%	+69.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 20	$0	0.0%
Q2 21	$854.0K	0.7%
Q3 21	$89.0K	0.2%
Q4 21	-$699.0K	-1.5%
Q1 22	$200.0K	0.4%
Q2 22	$125.0K	0.2%
Q4 22	$215.0K	0.2%
Q3 24	$7M	8.4%
Q4 24	$6M	4.1%
Q2 25	$4M	4.7%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q3 20	$2M	$51.0K
Q2 21	$3M	$83.0K
Q3 21	$2M	$70.0K
Q4 21	$4M	$126.0K
Q1 22	$15M	$136.0K
Q2 22	$16M	$224.0K
Q4 22	$53M	$877.0K
Q3 24	$26M	$1M
Q4 24	$50M	$2M
Q2 25	$26M	$1M
Q3 25	$27M	$1M
Q4 25	$8M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$13M	$136M	$149M
Q2 22	$16M	$88M	$105M
Q3 22	$26M	$77M	$103M
Q4 22	$27M	$46M	$72M
Q1 23	$31M	$11M	$41M
Q2 23	$22M	$25M	$47M
Q3 23	$18M	$22M	$39M
Q4 23	$16M	$17M	$33M
Q1 24	$27M	$7M	$34M
Q2 24	$29M	$18M	$47M
Q3 24	$38M	$10M	$48M
Q4 24	$33M	$5M	$38M
Q1 25	$36M	$15M	$51M
Q2 25	$29M	$81M	$110M
Q3 25	$30M	$22M	$52M
Q4 25	$55M	$35M	$90M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 20	117M	—	—
Q2 21	134M	+14.5%	—
Q3 21	136M	+1.9%	—
Q4 21	140M	+2.6%	—
Q1 22	147M	+5.2%	+25.8%
Q2 22	147M	0.0%	+9.9%
Q4 22	147M	+0.0%	+7.9%
Q3 24	153M	+3.7%	+9.1%
Q4 24	154M	+0.6%	+4.3%
Q2 25	158M	+2.9%	+7.4%
Q3 25	153M	-3.0%	+4.2%
Q4 25	158M	+3.0%	+3.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 20	—	—
Q2 21	$753.1K	158
Q3 21	$251.2K	158
Q4 21	$118.5K	390
Q1 22	$141.0K	390
Q2 22	$142.6K	390
Q4 22	$237.1K	385
Q3 24	$181.5K	430
Q4 24	$272.5K	577
Q2 25	$143.0K	577
Q3 25	$149.8K	577
Q4 25	$232.9K	577

Revenue / Employee